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Nifty 50, Sensex today: What to expect from Indian stock market in trade on January 29
The trends on Gift Nifty also indicate a positive start for the Indian benchmark index. The Gift Nifty was trading around 21,649 level as compared to the Nifty futures’ previous close of 21,510. The Indian stock market, Sensex and Nifty 50, are expected to open higher on Monday amid mixed global market cues. The trends on Gift Nifty also indicate a positive start for the Indian benchmark index. The Gift Nifty was trading around 21,649 level as compared to the Nifty futures’ previous close of 21,510. Both the domestic benchmark indices dropped around 1.3% in the holiday-shortened week gone by. On January 25, the Sensex fell 359.64 points, or 0.51%, to 70,700.67, while the Nifty 50 ended 101.35 points, or 0.47%, lower 21,352.60. Nifty 50 formed a small negative candle on the daily chart with a minor lower shadow. “The current chart pattern indicates a sell-on-rise opportunity in the market with volatility. Negative chart patterns like lower tops and bottoms are intact and the recent upside bounce in the market could be in line with another lower top formation. But the lower top reversal needs to be confirmed at the highs," said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities. He believes the short-term trend of Nifty remains choppy with weak bias and could encounter strong resistance around 21,500-21,600 levels in the coming sessions. Source - Mint
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